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Q1 (i) Many traditional taxi drivers have lost their jobs or working hours due to the entry of Uber taxi system especially at the international air ports in Canada. Some drivers who have almost reached the retiring age find it difficult to cope with the latest technology used by the Uber network. What is the most likely type of unemployment in this scenario? Why? 2 marks
(ii) The unemployment rate in an economy is 7%. The labour force is 70 million. Find the number of unemployed and employed persons.
According to the Keynesian-cross analysis, if the marginal propensity to consume is 0.6, Calculate the change in income as a result of these changes
Suppose this firm was to set the same price for its six packs of soda in each of its markets. What would be the revenue maximizing price?
Find the production possibility frontier for this economy, find the competitive equilibrium and find competitive equilibrium if every consumer owns 100 units of labour and owns one firm.
How does policy fit into the current macro context and what are the likely effects of this policy on the components of aggregate demand, and on equilibrium output? Specificity and detail are key in describing policies and their effects.
Suppose Ralph and Ed have the only store that sells toilet bowls in northern Maine. Their nearest competitor is 211 miles away, and these two men have a reputation for producing high-quality toilet bowls. Graphically illustrate what the market for..
Rolf's Supermarkets now sell 12,000 lbs. of grapefruit per week at a price of $0.45 per pound. An economist has reported to management that the arc elasticity of demand for the grapefruit over the price range $0.45 to $0.35 per pound is -2.0.
What are the economic growth trends between the United States, China, Singapore and Europe?
Describe in words the shape of the histogram
In classe, we showed that any player 10s strategy b0 1 > v1 is weakly dominated by strategy b1 = v1. Combine the above two statements, what conclusion can you draw Why this conclusion is relevant if we want to show (b1 = v2; b2 = v2) is the domina..
The following table presents the data for an economy when the government's budget is balanced.
Suppose an economy is initially at long run equilibrium. Using LRAS, SRAS and AD graphs, show this initial point and label it as A.
During Dec. 2007 and Dec. 2008, measured RGDP in economy fell by 1 percent as the US economy sank into a recession. Over that same time period total employment in terms of hours worked declined by 3.7 percent
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